US OIL
Updated
On the monthly charts, we have a consolidation around a strong demand level.
On the weekly timeframe, we do not have a clear direction though the market seems to be pushing higher to mitigate inefficiencies at the 107-115 levels.
Dropping down to the 4-hour chart, we have a bullish bias targeting 77-90 levels.
Change of character plus flip zones in addition to multiple breaks of structures inform our bullish bias.
Once we cross into 2024, we expect a further slide down to the unmitigated zones in yellow or green to collect buy orders before pushing higher.
On the weekly timeframe, we do not have a clear direction though the market seems to be pushing higher to mitigate inefficiencies at the 107-115 levels.
Dropping down to the 4-hour chart, we have a bullish bias targeting 77-90 levels.
Change of character plus flip zones in addition to multiple breaks of structures inform our bullish bias.
Once we cross into 2024, we expect a further slide down to the unmitigated zones in yellow or green to collect buy orders before pushing higher.
Trade closed: target reached
From the analysis the trade hit out projected TP. A further bullish move is expected
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